Bitcoin Coming Out Continues – Big investors in traditional finance are no longer hiding their love for Bitcoin. After Paul Tudor Jones a few months ago and Bill Miller just a few days ago, today it is Stanley Druckenmiller who admits to betting on the king of cryptos.
Bitcoin, a great store of value?
American billionaire Stanley Druckenmiller is a long-time manager of hedge funds (the famous h edge funds ). He was notably the founder and chairman of Duquesne Capital , a fund that has held up to $ 12 billion in assets under management.
In an interview with CNBC on November 9, Druckenmiller explains that he has gradually completely changed his point of view on Bitcoin (BTC). Indeed, the billionaire realized that:
“Bitcoins could be an asset class that has great appeal as a store of value (…). It has been around for 13 years (sic, 12 years in fact since its white paper) and, with each passing day, it stabilizes more and more as a well-known and recognized brand. “
However, in December 2017 , the fund manager was not kind to Bitcoin, also during an interview with CNBC. He claimed to have „no“ BTC at that time, because the invention of Satoshi Nakamoto did not represent for him a valid medium of exchange , because of its too great volatility .
Gold and Bitcoin are the cure for fiats hyperinflation
A hell of a change in the jacket has taken place since then, since Stanley Druckenmiller says today that:
“I own a lot, a lot more gold than I own bitcoin. But frankly, if the gold bet turns out to be successful, the bitcoin bet will probably work even better, because its market is smaller and less liquid (…). “
If they are betting on safe havens , it is also because the billionaire is short (seller) of fiat currencies , in particular the US dollar .
In summary, not only does Stanley Druckenmiller see Bitcoin as a very good store of value, the billionaire even believes that he will outperform gold. Indeed, the market of the king of cryptos being smaller than that of the precious metal, a possible hyperinflation of fiats currencies would cause an explosion of the price of BTC, higher than the rise of gold.